For any small business looking to achieve success, one element of critical importance is inventory management. In order to function properly, small businesses and large companies alike must have an efficient system that allows them to manage the movement and storage of goods. In a previous article, we shared some reasons why inventory management is important, but in today’s article, we are going to focus on how inventory management can help your small business in the long-term.
One of the most tedious aspects of maintaining a small business is keeping records. Whether it’s keeping inventory or keeping track of sales, if you want to ensure that your business is in good legal standing, every good or service that your business provides to your customers must be accounted for
There comes a time for every small business when either new standard operating procedures need to be introduced or specific issues within the team need to be addressed. Although some information on company guidelines and expectations can be passed to your staff through memos, one of the best ways to ensure that your team is completely on the same page is to facilitate internal workshops.
Time and time again we hear stories of how yet another big corporation has run a mom and pop shop out of business. It actually seems to be a trend these days. Maybe this even hits close to home for you, as your business has experienced the threat of a large competitor. As much as you may wish it wasn’t so, competition is always going to be a factor in how well your small business performs, but thankfully, size doesn’t always have to be the deciding factor in who comes out on top. It’s all about the strategy.
Do you ever wish someone would give you a cheat sheet of focus areas for your small business? Well, look no further! In this article we are going to outline five areas to help you maximize the efficiency and profitability of your small business. Let’s get started!